Pfizer still mum on BD, frustrated by biosimilar market

Pfizer Inc. reported second quarter earnings on Tuesday, missing analysts’ expectations for topline revenues but beating estimates on the bottom line. The company reported $4 billion in net income on $12.9 billion in revenues, missing forecasts of $13.07 billion. This miss was driven by lower sales from key drugs like Lyrica and Prevnar 13. The company’s biosimilar Inflectra continued to have mixed reimbursement — securing coverage under Medicare, but having limited success among commercial payers despite its lower cost. Pfizer priced Inflectra at a 15% discount to branded Remicade.